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Burner Management System Market Electric Burners to Gain Preference over Oil-based Variants by 2024
Burner Management System (BMS) Market: Snapshot
Safety is a key concern within every industry that conducts heater/burner-based operations. Any malfunctioning in the heaters in these industries could lead to major loss of life, property, and finance. It could also reduce the availability and accessibility of these industries. This acts as one of the major factors driving the global Burner Management System Market.
Rising government legislations and regulations, along with increasing litigations for accidents, have made the installation of BMS in existing as well as new heaters a must. This has resulted in the increased demand for burner management systems across the globe. Rapid industrial growth has also had a significant impact on the development of this market.
The global market for BMS was estimated to be valued at US$4.58 bn in 2015 and is projected to be worth US$7.39 bn by 2024, expanding at a CAGR of 5.5% therein. Based on volume, the market is forecast to register a 5.6% CAGR from 2016 to 2024.
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Oil and Gas Sector Emerges as Leading End-use Segment in BMS Market
On the basis of component, the BMS market is bifurcated into hardware and software. The hardware components used in burner management systems hold a significant share in the overall market revenue owing to their importance in the addition of significant functionalities and in meeting the design criteria for industry-critical operations.
Based on fuel type, the burner management systems market is categorized into oil, gas, and electricity. Oil-based burners led the BMS market owing to their wide-scale usage over the years. The segment accounted for a 41.1% share in the BMS market in 2015. However, electricity-based burners are expected to witness significant growth during the forecast period due to the rising need for a cleaner and safer environment in industries.
By application, the burner management systems market is segmented into boilers, furnaces, and kilns and ovens. The installation of boilers in industries is higher as compared to furnaces and kilns and ovens, which thereby increases the share of this application in the overall market.
On the basis of on end use, the burner management systems market includes power, oil and gas, chemicals, mining, metal, and mineral (mmm), refining, water, specialty chemicals, pharmaceutical, glass, food and beverages, alternate fuel, ceramics, building, automotive, and printing and publishing. The oil and gas sector emerged as the leading end-use segment in the burner management systems market in 2015 owing to the increasing demand for energy worldw ...
News Release: Burner Management System Market Electric Burners to Gain Preference over Oil-based Variants by 2024
Submitted on: January 12, 2017 09:58:58 AM
Submitted by: peeyushk
On behalf of: www.transparencymarketresearch.com/burner-management-system-market.html